Ignas’s Market Review: Ethena’s Unmatchable Advantages and a Word of Caution against Playing Blast
Bitcoin continues to consolidate in the range of 60K to 65K, with a maximum retracement of 19.24% from its all-time high of 73,787. Even after the halving, there seems to be no improvement, and the crypto market appears to be waiting for the next wave of speculation. DeFi researcher Ignas has provided several insights on this matter.
Content Index:
Toggle
Ethereum and Bitcoin Ecosystem
Ethena is Hard to Replicate
Ordinals, Runes
Reasons for Holding ETH: Re-staking
Sui, TON, Blast, Solana
Wallets, Exchanges
Ethereum and Bitcoin Ecosystem
Ethena is Hard to Replicate
Stablecoin project Ethena uses ETH and BTC as collateral reserves and locks the asset value through contract hedging to generate the stablecoin USDe. Currently, USDe seems to be facing its first test of maintaining stability during a market downturn.
Ignas believes that Ethena’s mechanism makes it difficult to fork and replicate, which is its main advantage.
Advertisement – Continue reading below
(
Negative Funding Rate, Can Ethena’s USDe Withstand?
)
Ordinals, Runes
Ignas has expressed optimism about Ordinals and Runes multiple times and still considers them the most interesting and innovative projects in the market.
(
Ignas: The Second Bull Market is Unfolding, Which Catalysts are Leading the Price Surge?
)
Reasons for Holding ETH: Re-staking
The re-staking narrative comes second only to Ordinals and Runes, which is also the main reason for holding ETH in this cycle.
He also mentioned that VC and team lock-up tokens can now be staked and receive rewards for unstaked tokens, and this practice should be stopped.
Sui, TON, Blast, Solana
He believes that the Sui ecosystem is undervalued, with wallet and dApp revenues being underestimated, but it doesn’t seem like a good time to enter until a large number of SUI tokens (8.27%) are unlocked on May 3.
The integration of Telegram, TON, and games is driving mainstream adoption of cryptocurrencies but is being ignored by the crypto Twitter community.
Ignas points out that there don’t seem to be many airdrops for Solana mobile and once again mentions the disappointment with the airdrop of Injective (INJ) and the poor quality of dApps.
He also urges:
The Blast L2 ecosystem is not worth users’ mining investment unless you really know what you’re doing.
Wallets, Exchanges
He mentioned a few points:
Rabby Wallet is the best EVM chain wallet.
OKX International is great, but the European platform is terrible.
OKX Web3 Wallet is the best multi-chain wallet in the crypto field.
Binance has the best customer service, while OKX, Bybit, or Coinbase are terrible.
Old coins are difficult to regain attention, and it is recommended to rename and update token models to create another round of speculation with a “brand new price chart.”
Ethena
Ignas
Ordinals
Runes
Re-staking
Further Reading
Negative Funding Rate, Can Ethena’s USDe Withstand?
Who Will Be Caught Naked When the Tide Goes Out? Crypto Analyst Ignas Names CRV, USDe, PAXG
